I need help with preparing a cash budget for the first quarter.

Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The compary has gathered information from its managers in preparation of the budgeting process. Waterways likes to keep 100 of the next month's unit sales in ending inventory. All sales are en account. 85% of the Accounti Recelvable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2021, totaled $189,780 Direct materials cost 75 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31,2021 totaled 11,295 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2021, totaled $120,595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Other Information Other Information The Cash balance on December 31, 2021, totaled $100,500, but management has decided it would llke to maintain a cash balance of at least $800,000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The compary has an open line of credit with Romney's Bank. The terims of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500.000 equipment purchase is planned for February. (a) For the first quarter of 2022, prepare a sales budget. Question 1 of 1 Question 1 of 1 0.89/1 lnterent Dividendis Exeess 1Detheleirry) Or Arailable Cash Guer Cash Distursement Finarkins Eesipment Purchase Endife Cinnalance For the first quarter of 2022 , prepare a cash budget. (Round answers to 0 decimal ploces, es. 2,520.) Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The compary has gathered information from its managers in preparation of the budgeting process. Waterways likes to keep 100 of the next month's unit sales in ending inventory. All sales are en account. 85% of the Accounti Recelvable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2021, totaled $189,780 Direct materials cost 75 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31,2021 totaled 11,295 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2021, totaled $120,595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Other Information Other Information The Cash balance on December 31, 2021, totaled $100,500, but management has decided it would llke to maintain a cash balance of at least $800,000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The compary has an open line of credit with Romney's Bank. The terims of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500.000 equipment purchase is planned for February. (a) For the first quarter of 2022, prepare a sales budget. Question 1 of 1 Question 1 of 1 0.89/1 lnterent Dividendis Exeess 1Detheleirry) Or Arailable Cash Guer Cash Distursement Finarkins Eesipment Purchase Endife Cinnalance For the first quarter of 2022 , prepare a cash budget. (Round answers to 0 decimal ploces, es. 2,520.)